Back in 1688, the concept of insurance formed. "Lloyds Of London" originally had come up with the concept in a coffee house. Many years later in 1752, president Benjamin Franklin, founded insurance. "Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly Property insurance to spread the risk of loss from fire, in the form of perpetual insurance. In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire." stated The Chartered Insurance Institute.
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